Our Introduction to Buying and Selling Property in New York

Qi-Homes has teamed with Jennie Ma, licensed associate Real Estate Broker with “Corcoran group real estate” in New York City. Jennie, originally from Hong Kong has over 15 years real estate experience in New York and brings you a wealth of knowledge on how to invest in Manhattan real estate market.

“The City That Never Sleeps” is a nickname that originated in New York City from Frank Sinatra’s famous song in 1977. This name is appropriate for a lot of reasons, mostly because New York is one of the most dynamic cities, always a world-renowned destination, always bustling with activity.

Upper West Side

New York City has a population of approximately 8.6 million (estimated in 2013), Manhattan island with about 1.6m. Buying a property in Manhattan can be quite complex, especially for foreigners. For example, two apartments can be very similar in size, layout and amenities, but the buying processes can be in stark contrast to each other depending on if the property is a co-op or a condominium.

Mid Town

From one neighborhood to the next can make for a very different experience as well – from the Upper East Side, Upper West Side, Midtown East, Midtown West, and Downtown (Chelsea, Gramercy Park, Village, SoHo, Tribeca, Battery Park City, and Financial District).

Soho

Purchasing a new development also has its variation in price per square foot and closing costs.

Gramercy

Allow us to present a realistic map of what makes New York City the spectacular place it is so well-known to be.

Manhattan Outlook:

Manhattan is home to the world’s trading hub, The New York Stock Exchange on Wall Street.

Manhattan is the fashion capital of the United States where world famous people in the industry pass through frequently for business and entertaining.

Some of the nation’s best schools are located in New York City or just a short drive away including Columbia University, FIT, Fordham University, NYU, Parsons, Princeton and Cornell. The presence of these top-notch education facilities helps to explain why Manhattan is a popular choice when selecting a location to have

Art & culture abound with countless museums and original stage shows year round

To add to its dynamism, Manhattan has some of the most interesting and eclectic restaurant options in the world. There is truly no need to cook at home, catering to the conveniences of a busy-life of a New Yorker.

Properties Outlook:

70% of current residential options in Manhattan consist of rental buildings, of the remaining 30%, 75% are Coops and 25% are Condominiums (estimated in late 2000). Hence condominiums tend to be a bit pricier than co-ops, in addition to some further distinctions, outlined below.

Co-ops

A phenomenon that’s limited almost entirely to Manhattan; they are the traditional form of owning an upscale apartment for close to 100 years.

Coops are owned by an apartment corporation, when purchasing within a co-op building, you are purchasing shares of the corporation that entitle you as a shareholder, to a “proprietary lease”.

All prospective purchasers must interview with the board of directors who are shareholders in the building to which a board approval will be communicated to the purchaser if the co-op accepts their application or not.

Prior to the interview, prospective purchasers prepare a detailed “Board Package” which usually contains personal and professional letters of recommendation as well as a great deal of personal information concerning income and assets.

Subleasing a co-op can be difficult. Each co-op has its own rules and they should be carefully reviewed prior to submitting an application to rent.

A “Board Package” is required to be submitted by a prospective sublet tenant and an ”interview” in front of a board of directors will also be required to determine if they qualify for the application.

Condominiums

As opposed to a co-op, a condominium apartment is “real” property. A buyer receives a deed just as though he or she were buying a house. Each individual apartment in a condominium receives its own tax bill.

The straightforward nature of buying a condo coupled with the fact that in some cases, you can get a higher financing of the purchase price and rent it out at will, makes condominiums the number one choice for flexibility.

“Resale” – buyers will prepare a “Board Package” which usually contains personal and professional letters of recommendation as well as personal information concerning income and assets as a protocol so a building buyers enter into will be informed of the new owner’s basic information. No interview is required.

“New Development” – buyers to not have a go through a Board Package process, as long as proof of funds are ready to be provided upon request while making an appointment. Buyers will need to pay two different New York transfer taxes (please see closing costs estimate sheet), whereas buying a resale property, the seller pays these transfer taxes.

Condop

A Condop is a term given to a co-op that has rules and by-laws similar to that of a condominium which comprise of a small percentage of owned residential buildings. In most buildings, the freedom to sublet, put a lower down payment at closing, and easy board approval are characteristics of a condo that have been adopted by a co-op.

Closing costs will be similar to that of a co-op (significantly lower than condo’s if financing) and you will be buying shares in a corporation rather than real property.

Over the last two years, Manhattan condominium property prices have increased 20% and today, Manhattan’s average and median price per square foot is still competitive to Hong Kong and London. Buildings offering views of Central Park tend to have the highest price per square foot. Downtown Tribeca in 2014 hit its highest price per square foot in the history of downtown with an ultra luxury new development. With limited land to build, Manhattan has been experiencing many more upcoming new conversion developments that are mostly pre-war office buildings.

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The Area

Fortress Hill is an undiscovered gem, located on the harbor corner of Victoria Park and at the bottom of North Point/Braemer Hill elite school district.

It has been an overlooked area as it is between Tin Hau and North Point, but Serviced apartments Shama And Beak Residences, and the 5 star Harbour Grand have all chosen this area. The business district on Java Road has also been part of the change.

The Fortress Hill MTR station sits on Kings Road and is
accessible to the business and hotel area on the harbor front and to the
residences and schools on the uphill side toward Tin Hau Temple Road

The highlight of this apartment is the distinct colonial fee with high ceilings, exposed beams, and commercial grade lighting. There is also a small balcony off the living room offering a little outdoor space. This flat is vacant and available for immediate viewing. Please contact us today to book an appointment

The North Point hill
area is well established and mostly owner-occupied spacious apartments. Kingsfield Garden, our featured property is
on a small leafy quiet one-way side street aptly named Comfort Terrace.

Only 4 minutes to transport systems (MTR, bus, and tram) and all amenities and five minutes to Victoria Park

Location

Comfort Terrace is a
unique twisty road that acts as a natural sound barrier from the bustle of
King’s Road and you are immediately in a quiet green area.

Kingsfield Garden is a low rise building, just 20 flats on 5 floors built-in 1975, but this size apartment so close to the MTR is extremely rare, and very few have been sold since the block was built.

The first two floors
are covered carparks and a lift is accessible to all levels.

Interior Highlights

This stylish spacious 3 bedroom, 2 bathroom apartment has a helper room off the kitchen and a covered car park space.

The three bedrooms all have attractive built-in storage and even the smallest bedroom has room for a queen-size bed.

The Kitchen and bathrooms are modern and tiled where the bedroom and living have the traditional parquet

Resiglow Pok Fu Lam is the latest development by Hong Kong’s most respected developer Kerry Properties. The building features three different sizes of units from Studios to Three Bedrooms and area available for lease and immediate occupation. Please contact us today for more information and for an appointment for viewings.

SPECS:

Many HK people are looking to diversify their property holdings and even their residence and several are considering Malaysia as a possible destination.

Malaysia offers a stable and attractive living environment and a long-stay visa called the “Malaysia My Second Home” (MM2H) visa. According to reported statistics, Hong Kong applications for MM2H visas have gone up in the last few weeks from less than 10 a week to over 700 last week!

This luxury 3,700 sq ft, fully furnished, sub-penthouse duplex apartment in ONEKL which is a prestigious condominium in the exclusive KLCC area of Kuala Lumpur.

recently renovated to a very high standard by Hong Kong architects

fully furnished and fully equipped, ready to move in condition;

3 bedrooms all with en-suite bathrooms;

master bedroom and the second bedroom can be cleverly closed off so that it becomes a Master Retreat (bedroom and study);

kitchen and dining area with a massive granite tabletop, wine fridge, and all luxury appliances;

fully air-conditioned with dimmable halogen downlights throughout;

2 car parking spaces – side by side;

ONE KL is a highly secure gated condominium with 24/7 security guards and 24/7 reception;

ONE KL is extremely well located opposite Suria KLCC and the Mandarin Oriental Hotel and within 2 minutes walk of the KLCC Convention Centre and KLCC Park – a wide range of shopping (from luxury brands to home groceries) is within walking distance.

This lovely renovated loft inspired apartment has One Large Bedroom and a Small Study located on trendy Bonham Strand and is the Ultimate Urban Space in Sheung Wan.

The apartment has been finished in modern clean palates of White Cabinatary and Light Colored Floors with High Ceilings and Lots of Storage. The large bedroom has ample built-in Floor to Ceiling Storage. The Modern Bathroom features a hotel-style separate shower and bathtub as well as a full-size built-in laundry.

No expense has been spared in the modern kitchen with high-end appliances and mod cons.

The highlight of this apartment is the distinct colonial fee with high ceilings, exposed beams, and commercial grade lighting. There is also a small balcony off the living room offering a little outdoor space. This flat is vacant and available for immediate viewing. Please contact us today to book an appointment